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Sunday, October 18, 2015

TNT :Currency Exchange Plan - Compilation, 18 OCT

dinarblessing said

08:44 AM Nov 23, 2013

The following is a compilation of exchange plans that others have posted. I do not claim for this to be mine but I have just simply combined the notes from others to fit my situation. If you see any portions that are verbatim from someone else's postings, they are.... because I copied and pasted them. I added some notes based on what I have learned and reformatted it into different categories. Credit is due to RAJAF, AryCroft2000, Tony, Okie, Peacewoman and others. Thank you for sharing with the Dinar Community. I am re-sharing the version below.

CURRENCY EXCHANGE PLAN

(Note: This plan is for informational purposes only. I am merely passing along information that is found on the online blogs and forums. It is not legal, tax or investment advice. Please do your own due diligence and seek assistance from Professional tax, legal and/or investment advisers.)

After the official RV notification and the Bank 800#s have been released:A. PREPARING TO MAKE THE BANK APPOINTMENT

1. Go to www.hushmail.com or www.unseen.is to create a new secure email. It will be best to not include your name or initials or anything identifiable to you in your new email ID.

2. Count your IQN/VNN and know your total (write it down).

B. MAKE YOUR BANK APPOINTMENT

1. You will need to schedule an appointment with a Call Center to execute your "Currency Exchange".

2. Make your appointment for as early as possible. The high rates for the US are only available for 30 days after the official RV announcement. Rates may start to go down in that 30-day period.

3. Make a separate appointment for each person that is going to do the exchange. You may do back to back appointments if they allow but DO NOT GO TO THE BANK IN GROUPS LARGER THAN 2 OR 3. Security is a major concern for the banks if they see people coming in large groups.

4. Call one of the following 1-800 numbers associated with the bank of choice to schedule your appointment:

a. Bank of America 1-800-###-####

b. Wells Fargo 1-800-###-####

c. Chase 1-800-###-####

d. CitiBank 1-800-###-####

e. Fifth Third Bank 1-800-###-####

5. You will have only 2 minutes on the phone with the Call Center to make your appointment. Have the following information ready:

a. Your name

b. New secure email

c. Zipcode (to direct you to the closest bank for exchange)

d. Amount of IQN/VNN

(Advice from the boards: They will ask you which available banks in your area you wish to use for your exchange. There will be no hemming and hawing about this question. They don't have the time to deal with dawdling or indecisiveness. The 800# Call Center will tell you where and when your appointment will be. Don't argue or debate or ask for reconsideration. They don't have time to deal with you and they could put you at the bottom of the list and move on to the next person.)

C. GETTING READY FOR THE BANK APPOINTMENT

1. To open a bank account, you will need to have 2 forms of ID. Bring your Driver’s License and Passport (or Birth Certificate). You may also want to bring a current Utility Bill for proof of address.

2. Locate the receipts of your Dinar and Dong purchases. Bring them with you.

3. Get a spiral notebook for notes, blue ink pen to sign original documents with, calculator, and a folder to put signed documents in.

(Advice from the boards: Don't raise eyebrows with scraggly clothes and a lackadaisical attitude. Your decorum should be professional and your demeanor calm and dignified. How you act will be especially important because it will determine how the bank will treat you. They will not deal with difficult or demanding people. Remember that as you walk in the door, walk in with class and dignity and appreciation for the blessing you are receiving.)

D. AT THE BANK APPOINTMENT

1. Arrive 5 minutes before the time of your appointment.

2. You will have only 20 minutes to do your exchange at the bank.

3. Be courteous to the bank employees.

4. The bank will inform you about the NDA (Non Disclosure Agreement) and have you sign it before you can exchange your IQN/VNN.

(Advice from the boards: Be prepared to sign an "NDA" that your currency exchange and the exchange rate you are given will be completely kept private and protected/hidden from public discussion of any kind for a period of up to 10 years. Details will be provided of the NDA and the signing thereof will be handled during your appointment. This is VERY SERIOUS! Failure to adhere to the restrictions of the NDA could result in a forfeiture of all funds received, could result in felony charges and up to a 10 year prison sentence. Once you sign the NDA, mums the word. All specifics and ramifications will be explained at the time of signature. Ask for an extra copy (blank copy) of the NDA so that you may make copies for your Tax Attorney, CPA, etc. to sign.)

5. When exchanging, refer to your Dinar only as "IQN Iraqi Currency". If you are exchanging Vietnamese Dong, only refer to it as "VNN Vietnamese Currency". Do NOT say “cash in” – say “currency exchange” instead! Do NOT say IQD or VND. Say IQN and VNN so that you get the new rate. (i.e. "Hello, my name is (your name) and I am here for my appointment to do my "Currency Exchange" of my "IQN Iraqi Currency" and “VNN Vietnamese Currency” for US Dollars, please.")

7. Do not try to negotiate a higher exchange rate or you may end up paying more in taxes.

E. OPENING NEW BANK ACCOUNTS

1. Open 2 new Bank Accounts (one for your Dinar and one for your Dong). Why? To easily track for tax purposes because we don't know what the tax rate will be for the Dinar and the Dong.

2. To keep the tax implications as simple as possible, open your new accounts as NIB accounts (Non Interest Bearing). You may change this after you have done your taxes for 2013.

3. Flag accounts "access restricted to essential bank personnel" and tagged as "Non-test/Non-Training" accounts so that only your Private Banker has access to your accounts and no bank tellers will be able to access them.

4. Ask to have a password put on your accounts so that you will be required to give that password to do remote banking by phone when needed...like lifting a spending limit on debit cards or secure transfers of funds for purchases or investments.

5. Be aware of "Sweep Fees" and "Exchange Spread fees" and how they will impact your exchange. Some, most or even all of them can (up to fees levied by the U.S. Treasury) be waived by the Bank Manager depending on how much currency you are exchanging and depositing in the bank. Ask for it to be waived!

6. Get several Cashier’s Checks (have short list prepared to hand to Banker / one larger check made out to yourself to deposit into existing checking account).

7. Get some cash (optional). Cash withdrawals at time of exchange may be limited to $10,000. Some banks may not be able to handle more than $5,000 cash due to limited cash supply in the vault. Do Cashier’s Checks.

8. Get new credit card/black card if there is time / privileged ATM card (not RFID-enabled credit/debit card).

9. Let your bank person know that your email, telephone number, address and any other personal information are not to be given to anyone inside or outside of the bank.

10. Add a P.O.D. (pay on death) clause to each account and signature card. You will need to name/designate a person that can access that money if you are dead without the state probate interference. This is considered a "poor man's" trust where you can list your beneficiaries on the account and upon your death funds go directly to your beneficiaries without having to go through probate.

11. Ask for a CCC (Clean and Clear Certificate) on Bank Letterhead certifying that the funds are “clean, clear and of non-criminal origin”. These letters must be signed originals and may only be obtained at the time of the exchange. Ask for multiple copies.

F. OTHER THINGS TO NOTE

1. The bank will take your information to fill out their electronic FinCEN form to send to the IRS.

2. Schedule another time to meet with Personal Banker / Wealth Manager for follow-up.

3. Get a brand new laptop, use the new email address and only use this for your bank - now the only secure people that will have your new email address is the bank & your Personal Banker.

4. At a later time, open a 3rd account for day-to-day banking with new basic credit card. Move money from your 2 big accounts to the 3rd account as needed. DON'T DO ANYTHING ON THE INTERNET THAT CONNECTS TO YOUR 2 BIG ACCOUNTS.

5. Keep the 2 Big Accounts and Black Card (if you got one) hidden.

6. DO NOT attempt to wire more than $500K from your account to another bank or financial institution as this will trigger a "FLAG" event that might result in an investigation or "Freezing" of your accounts.

7. Any funds in bank accounts over 250k need to have additional insurance. For example, Lloyds of London does not cover checking accounts but do for other things - Abbott Downing with WF for accounts with over 50M$. Consider immediately insuring funds in your accounts until you transfer them over to other investment vehicles.

8. PAY YOUR TAXES!!!! Pay both Federal and State taxes if applicable. Put away 50% so that you will be covered no matter what percentage it turns out that you have to pay for your taxes.

9. Keep all your documents (currency purchase receipts, bank transactions, etc.) for several years in case of IRS audit.

10. Most of all, let us give to others and be a blessing just as we have been blessed!

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